Director Lisa Cohn (NYSE: NSA) granted restricted shares and converts 11,624 LTIP Units

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Lisa R. Cohn reported equity awards and related unit conversions. On May 15, 2026, she received a grant of 4,703 restricted common shares at $42.53 per share under the 2024 Equity Incentive Plan. These restricted shares are scheduled to vest the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately prior to the Company Merger Effective Time defined in the March 16, 2026 merger agreement.

On May 16, 2026, 11,624 LTIP Units were converted into 11,624 Class A OP Units on a one-for-one basis, a derivative conversion previously reported on an as-converted basis and filed here voluntarily for notice. Following these transactions, she directly holds 4,703 common shares and 11,624 Class A OP Units, with no remaining LTIP Units.

Insider Trade Summary

23,248 shares exercised/converted

Mixed 3 txns

Insider COHN LISA R

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	11,624	$0.00	--
Conversion	Class A OP Units	11,624	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	4,703	$42.53	$200K

Holdings After Transaction: LTIP Units — 0 shares (Direct, null); Class A OP Units — 11,624 shares (Direct, null); Common shares of beneficial interest, $0.01 par value — 4,703 shares (Direct, null)

Footnotes (1)

Consists of 4,703 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended). The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026. The Reporting Person's total direct beneficial ownership following the reported transaction in this class of securities is 4,703 Shares. The 4,703 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4. Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("Class A OP Units"), are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership's agreement of limited partnership. Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments. Consists of 11,624 LTIP Units held by the Reporting Person which were converted into 11,624 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,624 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, rows 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 11,624 LTIP Units into 11,624 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 11,624 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 11,624 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 4,703 shares Grant reference price: $42.53 per share Restricted shares vesting: 4,703 shares +3 more

6 metrics

Restricted share grant 4,703 shares Restricted common shares granted on May 15, 2026

Grant reference price $42.53 per share Closing price on May 14, 2026 for restricted share grant

Restricted shares vesting 4,703 shares Scheduled to vest no later than May 15, 2027 or earlier triggers

LTIP Units converted 11,624 units LTIP Units converted into 11,624 Class A OP Units on May 16, 2026

Class A OP Units held 11,624 units Total direct beneficial ownership in Class A OP Units after transactions

Common shares held 4,703 shares Total direct beneficial ownership in common shares after grant

Key Terms

restricted common shares, 2024 Equity Incentive Plan, LTIP Units, Class A OP Units, +2 more

6 terms

restricted common shares financial

"Consists of 4,703 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares")."

Restricted common shares are company stock that cannot be freely sold or transferred until certain conditions are met, such as time-based vesting, performance targets, or regulatory clearance. For investors, they matter because they reduce the number of shares available to trade today but can increase supply later, affecting share price, liquidity and potential dilution — like a stash of coupons that can't be used until a future date.

2024 Equity Incentive Plan financial

"The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest..."

LTIP Units financial

"Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units..."

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Class A OP Units financial

"Consists of 11,624 LTIP Units held by the Reporting Person which were converted into 11,624 Class A OP Units as described in footnote 4 above."

Company Merger Effective Time financial

"...or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger..."

beneficial ownership financial

"The Reporting Person's total direct beneficial ownership following the reported transactions above is 11,624 Class A OP Units..."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 04:02 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COHN LISA R

(Last)

(First)

(Middle)

C/O NATIONAL STORAGE AFFILIATES TRUST

8400 EAST PRENTICE AVENUE, 9TH FLOOR

(Street)

GREENWOOD VILLAGE

COLORADO

80111

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
National Storage Affiliates Trust [ NSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common shares of beneficial interest, $0.01 par value⁽¹⁾	05/15/2026		A		4,703⁽¹⁾	A	$42.53⁽²⁾	4,703⁽¹⁾⁽³⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C			11,624⁽⁶⁾	⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Class A OP Units⁽⁴⁾⁽⁵⁾	11,624	⁽⁴⁾	0⁽⁴⁾⁽⁸⁾	D
Class A OP Units⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C		11,624⁽⁶⁾		⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Common shares of beneficial interest, $0.01 par value⁽⁵⁾	11,624	⁽⁵⁾	11,624⁽⁴⁾⁽⁸⁾	D

Explanation of Responses:

1. Consists of 4,703 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended).

2. The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.

3. The Reporting Person's total direct beneficial ownership following the reported transaction in this class of securities is 4,703 Shares. The 4,703 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4.

4. Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("Class A OP Units"), are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership's agreement of limited partnership.

5. Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

6. Consists of 11,624 LTIP Units held by the Reporting Person which were converted into 11,624 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,624 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, rows 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 11,624 LTIP Units into 11,624 Class A OP Units.

7. N/A

8. The Reporting Person's total direct beneficial ownership following the reported transactions above is 11,624 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 11,624 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Lisa R. Cohn, by Zoya F. Afridi, her Attorney-in-fact	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did NSA director Lisa R. Cohn report on this Form 4?

Lisa R. Cohn reported a grant of 4,703 restricted common shares and a conversion of 11,624 LTIP Units into 11,624 Class A OP Units. These transactions reflect equity compensation and a derivative conversion, not open-market buying or selling of National Storage Affiliates Trust shares.

How many National Storage Affiliates (NSA) shares were granted to Lisa R. Cohn?

She received 4,703 restricted common shares of beneficial interest. The grant was made under National Storage Affiliates Trust’s 2024 Equity Incentive Plan at a reference price of $42.53 per share, which was the closing price of the issuer’s common shares on May 14, 2026.

When will Lisa R. Cohn’s 4,703 restricted NSA shares vest?

The 4,703 restricted shares are scheduled to vest the earlier of May 15, 2027, the calendar day immediately preceding the next annual meeting of shareholders, or immediately prior to the Company Merger Effective Time defined in the March 16, 2026 merger agreement.

What happened to Lisa R. Cohn’s LTIP Units in National Storage Affiliates’ partnership?

She converted 11,624 LTIP Units into 11,624 Class A OP Units on a one-for-one basis. This conversion was previously reported on an as-converted basis, and the current Form 4 tables are filed voluntarily to provide notice of the LTIP Units becoming Class A OP Units.

What is Lisa R. Cohn’s ownership in NSA OP units and common shares after these transactions?

After the reported transactions, she directly owns 11,624 Class A OP Units and 4,703 common shares of beneficial interest. The filing notes that these totals exclude other securities of the same types that were previously reported on earlier Forms 3 and 4.

At what price were Lisa R. Cohn’s restricted NSA shares valued for this award?

The grant used $42.53 per share, which was the closing price of National Storage Affiliates Trust’s common shares on May 14, 2026. This price is referenced in the footnotes explaining the terms of the restricted share award reported in the Form 4.